Union Minister Jitendra Singh has announced a remarkable surge in India’s bio-economy, which has grown from $10 billion in 2014 to over $130 billion in 2024. Projections indicate it is set to reach $300 billion by 2030, driven by innovation, strategic investments, and a robust policy framework.
Addressing the growth trajectory, Singh emphasized India’s pivotal role in the global biotechnology landscape. He highlighted that India now produces 60% of the world’s vaccines and is home to the second-largest number of United States Food and Drug Administration (FDA)-approved manufacturing plants outside the US.
Key Drivers of Growth
The minister attributed this exponential growth to advancements across multiple biotechnology sectors, including bio-pharma, bio-agri, bio-industrial, bio-energy, bio-services, and med-tech. Each of these sectors has seen rising investments and innovation-driven solutions, positioning India as a global leader in biotechnology.
“India is not only a leader in biotechnology but is now at the center of a global biotech boom. This boom will foster innovation, create jobs, and strengthen environmental commitments,” Singh said.
A ‘Bio-Revolution’ in Progress
Comparing India’s ongoing “bio-revolution” to the IT revolution that reshaped the global technology sector, Singh underscored the critical role of India’s natural biodiversity and rich bio-resources. He noted that these unique advantages have enabled India to emerge as a biotech powerhouse with global influence.
The minister also emphasized that biotechnology would play a significant role in driving India’s sustainable development goals, enhancing food security, improving healthcare outcomes, and fostering green energy initiatives.
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The Road Ahead
With substantial investment opportunities and rapid technological innovation, India’s biotechnology sector is poised for significant growth. A growing skilled workforce further strengthens its potential as a major contributor to the country’s economy.
The sector will prioritize collaborative research and policy reforms. Efforts will also focus on building an enabling ecosystem for startups and enterprises in the bio-economy space. India aims to achieve a $300 billion bio-economy by 2030. This ambitious goal places the country at the forefront of global biotech innovation.
The sector offers scalable and sustainable solutions to address some of the world’s most pressing challenges.
